Marcus & Millichap has brokered the $2.2 million sale of the first phase of an 80-acre land parcel in Plainfield, Illinois.
Located at the southeast corner of 143rd Street and Steiner Road, near Route 59, the former family-owned farmland has been rezoned for a large residential development comprising 277 single-family homes.
Marcus & Millichap Senior Associate and Director in the firm’s National Land and Redevelopment Division, Richard Kozarits, represented the seller, Kipling Group LLC of Shorewood, Illinois, and procured the buyer, Arlington, Texas-based D.R. Horton, one of the largest homebuilders in the U.S.
The transaction is the first of three closings, with the next phases anticipated to finalize within 18 months.
